I would like to thank the Academy for inviting me a second time to give a talk on the current state of the economy. After the presentation of Budget 2014 in Parliament last month and the ongoing debate in the august house, the state of the economy is indeed a relevant question to ask. Economic reality however may not be what it is made out to be when one engages in political debate in respect of the Budget: often it is the unstated issues in the Budget and its underlying strategies and proposals that should be of great concern to thinking Malaysians.

Permit me this opportunity to thank the host for the kind invitation to launch this Economic Roundtable. I am deeply honoured to have been asked to deliver the keynote address before such a distinguished audience of economists and intellectuals. To my mind, the setting up of this grouping has not come a moment too soon.

It is my singular honour to have been invited to such an august gathering as this. I am privileged to have this opportunity to talk about the birth of Malaysia. Allow me, therefore, to record my gratitude and appreciation to our host, the Malaysian Branch of the Royal Asiatic Society, for the invitation in the first instance. The timing is apt, coming as it does eight days after the 50th anniversary of her founding. It is also relevant given that Malaysia is facing unprecedented political and economic challenges. These challenges are formidable and, if left unsolved, could cause damage to the economy and political integrity of Malaysia.

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